Perpetual MD to step down
Perpetual Limited (PPT) said this morning that managing director, David Deverall, would step down from his post. The diversified financial group said Mr Deverall would stay on as managing director until a replacement was found, or 31 March 2011, whichever came first.
At the same, the company’s chairman, Robert Savage, reaffirmed the guidance offered on 27 May in a letter to shareholders.
”We expect the underlying profit after tax (UPAT) for the 12 months to the end of June 2010 to be in the range of $65m to $75m,” Mr Savage said at the time.
Meanwhile, Mr Deverall said he was stepping down for personal reasons.
”After seven years and having steered Perpetual through the global financial crisis, I now believe it is time for a change,” Mr Deverall said.
”Perpetual has a strong balance sheet and has one of the best brands in the financial services market.”
Recruitment firm Korn Ferry had been appointed to find a replacement, the company said.
At the close Tuesday, Perpetual shares were trading at $30.40 each, in the vicinity of the company’s share price when Mr Deverall started.
Three years ago, prior to the GFC, the company’s share price reached an all time high of about $83.
Leave a Reply